Citco has started a new centre of excellence for private equity investor services in order to support a €50 billion global alternative investment fund.
The fund administrator has also created a new dedicated team to manage integrations and support strategic changes by clients through process enhancement initiatives and implementation of customised technology solutions.
The creation of the two will help Citco provide a full-service solution to EQT, which has provided asset servicing and fund administration services since 2014 for its private equity, infrastructure and real estate funds.
It also provided administration of around €15 billion in new capital commitments across three new EQT funds closed during 2018.
“We are proud of our long-term relationship with EQT, which is well-established as one of the world’s leading private equity firms. EQT’s remarkable growth in recent years reflects a wider trend in the industry in which the most successful players are deploying larger funds across a broader canvas of investment opportunities globally,” said Nikolaos Perros, head of private equity fund services, Citco.
EQT was an early adopter of Citco’s Æxeo Treasury software-as-a-service in order to simplify the fund’s day-to-day banking operations and relationships.
Citco reported in January its assets under administration (AuA) reached $1 trillion by the end of 2018, following growth in private equity and in the Asia-Pacific region.
Citco plans to publish a white paper in the first quarter of the year highlighting the growth and challenges facing global ‘mega’ funds in the alternative investment sector.